IKEJA – An Ikeja High Court on Tuesday fixed Dec.16 for sentencing of a fund manager, Segun Bright, convicted of N4.9 million fraud.
Justice Oluwatoyin Ipaye fixed the date after Bright had pleaded guilty to the charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
The News Agency of Nigeria (NAN) recalls that the convict was arraigned on Nov. 25, 2013 on a 21-count charge of stealing.
He pleaded not guilty to the charge on arraignment and was granted bail in the sum of three million naira which he could not perfect.
However, in the course of the trial, he elected to change his plea to guilty.
Reviewing facts of the case on Tuesday, counsel to EFCC, Mr Emmanuel Jackson, told the court that Bright swindled no fewer than 40 people through a fraudulent investment scheme.
Jackson said that the convict, through his company, Wexford Global Resources Ltd., committed the offence between 2008 and 2010 in Lagos.
He said that Bright collected various sums ranging from N10,000 to N615,000 from different people with the promise to re-invest the funds for high returns.
The prosecutor named those allegedly swindled as Mr Patrick Akwalanu, Mr Afolabi Oluwaseun, Mr Amos Ogunsawo, Rev. Olusoji Adegboyega and Mrs Victoria Salako.
According to him, following series of complaints to the EFCC, the convict was apprehended and arraigned.
He said that Bright’s offence contravened Section 383 (1) and (9) of the Criminal Code, Laws of Lagos State, 2003.
The prosecutor said that the crime attracted a minimum of seven years jail term and urged the court to sentence him accordingly.
Jackson also asked the court to make an order on Bright to make restitution to the victims which included pensioners.
Counsel to the convict, Mr Victor Opara, urged the court to temper justice with mercy in sentencing his client.
Opara pleaded with the court to consider the fact that the convict was a first time offender with no prior criminal record.
He said the court should take cognisance that Bright voluntarily pleaded guilty in order not to waste the time of the court and tax payers’ money.
Opara urged the court to pronounce only a reformatory sentence, adding that he had shown remorse for his action. (NAN)